18 Amendments of Philippe LAMBERTS related to 2018/2101(INI)
Amendment 124 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Stresses that the ECB’s non- standard monetary policy measures have proven successful incontributed to forestalling the risks of deflation that were still present at the beginning of 2016 and into initiating a recovery in credit to the private sector, whose annual growth was around 3 % in mid-2018 compared to 0 % in 2015;
Amendment 130 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Agrees with the ECB’s decision to end the APP, subject to incoming data confirming its medium-term inflation outlook, and considers that this instrument should only be used on a temporary basis, as it creates new risks for financial stability and reduces incentives to consolidate public finances; ; Stresses in particular that prolonged non-standard policy measures may have significant distributional effects between the poor and the wealthy, young and old, borrowers and lenders, and also between regions with different financial structures. Urges therefore the ECB to include in its next annual report a comprehensive and detailed analysis of the side effects of its monetary policy measures and its impact on inequality.
Amendment 136 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Urges the ECB, together with other relevant Union bodies and in light of the requirement under TFEU 127.1, to consider the possibility of using its APP strategically, by encouraging in coordination with the EIB the development of safe and simple marketable asset classes, suitable for the Program, that are linked to the achievement of key EU targets particularly the transition to a sustainable and fair economy and to consider drawing up a range of green and social projects for which credit created through quantitative easing could be used as direct financing; Asks the ECB to carry out, within the framework of its next annual report, a research on the pro and the cons and the legal feasibility of different options regarding the channelling of newly created money towards sustainable investments, while respecting the provisions of the Treaty;
Amendment 145 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Takes note that of all private sector purchase programmes, the corporate sector programme (CSPP) contributed the most to the APP in 2017, with EUR 82 billion in net purchases; welcomes the fact that since 2017 the ECB has been publishing the full list of all CSPP holdings, including the names of issuers, together with aggregated data on those holdings by country, risk, rating and sector; calls, however, for on the ECB to apply a similar transparency policy for all asset purchase programmes including ABSPP and CBPP3; in addition to further measures in order to disclose the operational procedures used in the choice of securities purchased by national central banks (NCBs);
Amendment 146 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Takes note that of all private sector purchase programmes, the corporate sector programme (CSPP) contributed the most to the APP in 2017, with EUR 82 billion in net purchases; welcomes the fact that since 2017 the ECB has been publishing the full list of all CSPP holdings, including the names of issuers, together with aggregated data on those holdings by country, risk, rating and sector; calls, however, for on the ECB to apply a similar transparency policy for all asset purchase programmes including ABSPP and CBPP3, in addition to further measures in order to disclose the operational procedures used in the choice of securities purchased by national central banks (NCBs);
Amendment 148 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Recalls its concerns regarding the fact that the CSPP Programme benefits mainly to large and carbon-intensive multinational corporations; recalls the EP’s recommendation (T8-0215/2018) that the ECB should explicitly take into account the Paris Agreement and ESG goals in its guidelines orienting its purchase programmes; calls, in this respect, for a restructuring of the ECB’s portfolio of securities held under the CSPP in order to reduce its holding of bonds linked with fossil fuel industries, and increase its holdings of bonds linked with sustainable investments, including in the framework of a mutually non-coercive coordination between the ECB and the European Fund for Strategic Investment (EFSI) and European Investment Bank (EIB);
Amendment 150 #
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Recalls its concerns regarding the fact that the CSPP Programme benefits mainly to large and carbon-intensive multinational corporations; recalls the EP’s recommendation T8-0215/2018 that the ECB should explicitly take into account the Paris Agreement and ESG goals in its guidelines orienting its purchase programmes;
Amendment 151 #
Motion for a resolution
Paragraph 10 c (new)
Paragraph 10 c (new)
10c. Calls on the ECB to disclose the full amounts of profits made by the Eurosystem through ANFAs and SMP from 2010until the full expiration of the programme, with a specific breakdown per countries which have been subject to SMP purchases (Greece, Ireland, Portugal, Spain, Italy);
Amendment 153 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the transparency provided by the ECB through its forward guidance; deems it appropriateacknowledges the ECB’s decision to keep interest rates low, in the light of uncertainties in the global environment at present. Underlines however that a prolonged period of ultra- low (negative) interest rates creates potential risks for the insurance and pension sector, in particular for defined benefits schemes;
Amendment 168 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls for thAcknowledges the possible continuation of the targeted longer-term refinancing operations (TLTRO), which provide banks with medium-term financing at attractive conditions and in accordance with their efforts to grant new credit to the real; considers however that stricter conditionality is required by the ECB to ensure that banks grant new credit to the real economy ; Points out that, while the effects on the real economy have been limited, banks have been able to access funding at virtually no or very low cost which has directly subsidised their balance sheets; deplores the fact that the size of this subsidy, despite representing a clear fiscal spill-over effect of monetary policy, is not monitored and published and that it is free from strict conditionality in terms of whether or how it is invested; insists that any extraordinary measures of this kind should be accompanied by measures to mitigate distortions to markets and the economy;
Amendment 183 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls on the ECB to disclose the full amounts of profits made by the Eurosystem through ANFAs and SMP from 2010 until the full expiration of the programme, with a specific breakdown per countries which have been subject to SMP purchases (Greece, Ireland, Portugal, Spain, Italy);
Amendment 189 #
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Calls on the ECB to follow the recommendations from Transparency International; in particular as regards the ECB’s role within the Troika1a ; _________________ 1a Based on an amendment proposed by Positive Money Europe
Amendment 191 #
Motion for a resolution
Paragraph 15 c (new)
Paragraph 15 c (new)
15c. Requests the ECB to provide a comprehensive and evidence-based assessment of the impact of quantitative easing on growth and employment, including a comparative study of the potential impact of alternative measures such as transfers to households1a; _________________ 1a Based on an amendment proposed by Positive Money Europe
Amendment 192 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Underlines the still urgent need for deep structural reform of the euro area banking system as institutions remain 'too-big and interconnected to fail' and still enjoy unjustifiable public subsidies whilst representing a fundamental threat to the stability and efficient allocation of capital in the EU and international economies; emphasizes that an institution that is 'too-big to fail' must be considered 'too dangerous to exist' and should therefore be downsized, simplified into manageable entities with defined economic functions serving the real economy;
Amendment 213 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses the importance of the ECB being accountable towards Parliament; welcomes, in this respect, the permanent dialogue between the ECB and Parliament, and the regular appearances of the President of the ECB and, where applicable, other Members of the Executive Board, before the ECON committee and Plenary; encourages the ECB to continue this dialogue and, when necessary, to better explain its decisions and policieTo this end, asks the ECON Committee to seek to improve the setup of the monetary dialogue with the ECB president, following the examples of the UK Parliament and the US Congress;
Amendment 214 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Stresses that the ECB's supervisory role (SSM), its responsibility for systemic stability (ESRB) and its monetary policy function should not be confused and should not generate any conflict of interest in the execution of its principal functions; further stresses the importance of exploring future institutional independence of these three functions with a democratically accountable mechanism for resolving conflicts between them; calls in that respect for a revision of the ECB treaty mandate with a view to strengthening its democratic accountability and to ensuring a strict separation between fiscal and monetary policy;
Amendment 218 #
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19b. Deplores the negative attitude of the ECB regarding the European Ombudsman’s case 1697/2016/ANA on the ECB President’s membership in the “Group of Thirty”; calls on the ECB to put an end to the President's membership of the G30, to re-examine the Ombudsman’s recommendations and to carefully review its internal policies in order to curb conflicts of interest that can arise through revolving door practices as well as the participation of ECB Board and Council of governors Members in informal fora involving secretive discussions with senior representatives of the private sector;
Amendment 224 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls that the coming months will see important changes in the Governing Council of the ECB, with several Board members, including the President;, concluding their terms; considers that these changes should be prepared carefully and in full transparency with Parliament, in line with the treaties; urges the Council to elaborate a balanced shortlist of at least three candidates for all upcoming vacancies, thus allowing the Parliament to play a more meaningful advisory role in the appointment process;